Mozambican e-commerce startup Izyshop has secured an undisclosed funding round from local firm DHD Holding to allow it to grow its product offering.
Founded in 2015, Izyshop allows Maputo’s residents and businesses to shop for groceries online. Izyshop launched self-funding its own inventory, and was turning a profit within its first year of operation.
The startup has now secured funding from DHD Holding, which is part-owner of the largest private media conglomerate in Mozambique, Soico Group. The deal was announced by the group’s chief executive officer (CEO) Daniel David at a gala dinner during Mozambique ́s largest tech event, Moztech.
Izyshop CEO Titos Munhequete said the strategic partnership would allow the startup to increase its product and service offerings, taking advantage of DHD’s management and communication expertise to continue implementing its vision of a pan-African presence.
DHD Holding board member Dailton Fonseca said his company shared Izyshop’s international growth vision and believed DHD would add management and communication value to the business.